The world’s global economy may be showing signs of growth, but in comparison, the talent pool seems to be shrinking, effectively limiting employers from scaling their business. A shortage of workers can hinder your business’s ability to grow and remain competitive.

Telephone any business, doctors’ office, pharmacy, customer service department right now and you’ll likely hear the same message

Due to staffing shortages, you may experience longer than usual wait times. We apologize for the inconvenience and appreciate your patience.

This does little to help your bottom line or increase customer loyalty to your business.

 

Our lives have changed dramatically since January 2020, when the first case of Covid was identified in Washington State, leaving a very different crisis in its wake. According to a 2021 Talent Shortage Survey conducted by Manpower Group USA, the global talent shortages have reached a 15-year high and more than 1 in 3 U.S. employers report difficulty in filling roles.

Suffice it to say, your business is not alone with the struggle to hire. In the wake of change, employees and workers are reassessing what they want from a job, and it’s no longer as simple as benefits and a paycheck.

Overall outlooks are shifting and now focusing on the work-life balance. This is more important than ever and higher on the ranking scale for all workers, but even more so among the Millennials and Gen Z’s, whose expectations for flexible work arrangements can’t be met if tied down to a static office environment and typical 9 to 5 business hours. Health and well-being are also contributing factors to workers

 

The Supply and Demand and Lack of Workers

Acknowledging there’s a problem is the first step in managing a recruitment strategy and finding a talent pool. Businesses can’t rest on their laurels and wait for workers to come to them or continue to recruit in the same fashion they’ve done for years — It requires hustle.

According to Ron Hetrick, director of labor market business intelligence at Allegis Group, “While many look to the talent shortage as being driven by the exit of the Baby Boomer generation…the other categories of workers are close, with Gen Xers and Millennials numbering 82 million and 73 million, respectively.” These groups, Hetrick says, “are taking longer to join the labor force…Millennials are making that commitment later than previous groups.”

Shifting hiring tactics, managing and mitigating employee turnover is essential now more than ever.

Strategies to Hire and Manage Talent Shortages

1. Adjusting your hiring criteria and being willing to train a less qualified candidate who may not meet all the key job description criteria may serve its purpose. This may require longer training periods for the new employee, but it offers a better chance of avoiding the dog-piling of work on existing employees, who face burnout and decreased morale if the hiring process takes longer than normal.
2. Amp up your branding to build a compelling story to attract recruits is key. Whether that’s an entire overhaul or some simple tweaks here and there, the idea is to be clear in your marketing efforts to reach the right potential talent. Be visible in your community, at career fairs, online, and on social media.
3. Start a conversation with your existing employee base to engage their help in developing a campaign based on the marketable cultural aspects they enjoy in the organization. Employ that message in your search for future talent.
4. Look for talent in-house. The best place to recruit is within your team. Identifying the talent within the organization not only promotes employee retention but also increases long-term staff loyalty.
5. Consider bringing on interim consultants or professionals to help fill the gap until the full-time replacement can be found.
6. Lastly, forecast short-term and long-term staffing needs and re-evaluate key roles and functions through an organizational assessment and reorganization. Remaining stagnant and unbending during these times of change will serve only to build a bigger talent gap. Transformation and working smarter, not harder, will be keys to growth and employee satisfaction.

While there is no definitive answer on when this labor shortage will end, hiring will continue. Companies will create new positions and backfill those who have departed. It’s an ever-circular proposition. It may prove more difficult at times to bring in the right talent, it’s not impossible. Especially if you have a talent and recruitment strategy in place to attract and retain top talent.

The HR Consulting and Recruiting team at JB Consulting Systems has been recognized by clients for their creative approach in finding top talent. If you need support and assistance with your hiring strategies, Contact Us and let’s discuss your options.

 

 

candidate | employees | hiring | Recruitment | talent